Lido Finance: Profitability Achieved for the First Time

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by Giorgi Kostiuk

2 years ago

Lido Finance, a decentralized protocol introducing the concept of liquid staking, has reported its first-ever profit in its fourth year of operation.

Increase in ETH Price Boosts Profitability

Adrian Vasiljevic, founder of Steakhouse Financial, stated that 'Lido’s profit largely parallels the rise in Ethereum prices.' Since the beginning of 2024, the ETH price has increased by 67%, climbing from $2,350 to over $4,000, significantly supporting Lido’s revenues. Interest from users and institutional participants in liquid staking services has contributed to this growth. In January, the total amount of locked ETH increased by 5%, reaching 9.81 million ETH.

Focus Shifted from Polygon Network to Ethereum

Lido Finance decided to end its services on the Polygon POS network and fully focus on the Ethereum ecosystem. This decision was made following discussions on the Lido DAO forum and a governance vote involving LDO token holders. Scalability issues on the Polygon network influenced this decision. Additionally, Lido has launched a new community staking module, allowing users to operate as node operators on the Ethereum mainnet without prior approval.

Lido Finance’s transition to profitability after four years is supported by increased demand for Ethereum staking and rising ETH prices. The company continues to diversify its growth strategies while maintaining its leadership position in the liquid staking market.

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